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Sensationalist attention grabbing titles aside, I do have something to say. I see so many people searching for the holy grail of technical analysis. A technique that if applied properly, will lead to untold riches! Yet that which people are looking for is often right before them. However, blinded by all these methods:- Market profile, Elliott Wave, MACD, Super lightspeed multi timeframe sequential frequency stochastical kick F*****G ass indicator :o! they will usually miss the point. In the hands of a capable trader, a moving average can be applied profitably. A less than should we say brilliant trader, will likely lose whatever they try. This isn't to say that a trader doesn't need to "find a method that fits" as is often said. It's that to find a method that fits requires each one to be tested and applied with true professionalism and intent. Simple things that this entails:- 1- Formulate a method of technical analysis which looks at specific elements of the market. Make sure each item you add is there for a reason and keep things clear. 2- Know what is going on in the bigger picture of the market and at least have a basic understanding of the auction to help you identify the current conditions and therefore appropriately apply any strategy you may have. 3- Use your analysis to monitor the market and note down observations. Research your ideas for strategies to exploit certain aspects you see recurring time and time again. 4- Work out sensible risk:reward/position sizing for your strategy and monitor its performance over time with these conditions applied. 5- Work out a method of trade selection. When do you take a trade and when do you pass on it? If you don't, you may find you are constantly kicking yourself when you pass up great trades and are stuck in trades which suck and you knew at the time you shouldn't have entered. 6- Stick to your carefully considered plans!! If you don't, you have no way of telling whether the method works or not. Overall, people have to realise that there is no right and wrong in trading other than consistent p/l. In my experience, those who "make it" have a dedicated professional attitude rather than some uber method which just works.
